Hein, E. and Vogel, L. (2008) Distribution and growth reconsidered: empirical results for six OECD countries. Cambridge Journal of Economics, 32 (3). pp. 479-511. ISSN 0309-166X.
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We analyse the relationship between functional income distribution and economic growth in Austria, France, Germany, the Netherlands, the UK and the USA from 1960 until 2005. The analysis is based on a demand-driven distribution and growth model for an open economy inspired by Bhaduri and Marglin, which allows for either profit- or wage-led growth. We find that growth in France, Germany, the UK and the USA has been wage-led, whereas Austria and the Netherlands have been profit-led. In the case of Austria a domestically wage-led economy changes to profit-led when including the effect of distribution on external trade. The Netherlands, however, are already profit-led without external trade. Our results so far only partially confirm Bhaduri and Marglin's theoretical conclusion that wage-led growth becomes less feasible when the effects of distribution on foreign trade are taken into account.
|Uncontrolled keywords:||distribution; growth; demand-led accumulation regimes|
|Subjects:||H Social Sciences > HB Economic Theory|
|Divisions:||Faculties > Social Sciences > School of Economics|
|Depositing User:||Suzanne Duffy|
|Date Deposited:||13 Feb 2009 09:51|
|Last Modified:||13 Feb 2009 09:51|
|Resource URI:||http://kar.kent.ac.uk/id/eprint/15154 (The current URI for this page, for reference purposes)|
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